Mexico’s Pemex posts $5.6 billion loss in quarter on lower output

28 Oct 2017   Mexico

Mexico’s Pemex reported a narrower loss in the third quarter on Friday, but results for the state-run oil company were weighed down by a sharp slump in crude output.  The quarterly loss of 101.8 billion pesos ($5.6 billion) was about 14 percent lower than the 118 billion-peso figure the company posted in the same period last year. The third-quarter loss broke a streak of three quarters in the black for the Mexican oil company. “Without a doubt this was a very difficult quarter in many areas, but especially in terms of our operations,” said Roberto Cejudo, Pemex’s deputy treasurer, on a call with analysts. Crude production averaged 1.884 million barrels per day (bpd), down nearly […]

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